Data Science As A Profit Increaser Marks The Perpetuation Of A New Era
Data Science has changed how many businesses operate. Data-centric operational models often reach high levels of efficiency, which can have a deep impact on their bottom line. In a nutshell, they become more profitable. At AIKIT, we helped one of the industry leader to develop a new system to harvest new indicators, KPIs, and product performance data. And that led to incredible results that consecutively led to a more efficient bottom line. Learn more.
Analytics, reporting, KPIs, and Data Science is not just some trend that companies cannot afford not to have. But indeed, whatever it may be, they cannot afford not to exploit these practices. And here’s why.
Data speaks, it provides a different angle and perspective from where to see reality. And in these different perspectives, a trained manager can detect inefficiencies, areas for improvement, and even fatal flaws that can lead straight to corporate chaos. With the latest adoption of Data Science even as a new area in companies. And also entire new companies that now exclusively devote their services to the Data Science field, a statement has been made. Companies always understood the power of data, of measuring. And those who didn´t, well… they haven’t made it into this era.
The groundbreaking difference is that thanks to our current technologies, measuring and data harvesting have been taken to another different level. Let’s take the marketing field for example. Any user in any corner of the world, even a super small mom and pop shop, can now segment and target audiences like a king. Something that decades ago only large companies with super-exclusive market research and marketing gimmicks could afford to do. Thousands of data points, modeling consumer behavior, and even predicting future trends are up for grab for almost anyone.
This led to the second step. Understanding and making decisions based on such data. That’s where models come into play. Thanks to AI, neural networks, and predictive algorithms, all that new information that was impossible to capture in the past, can be translated into something that companies crave: MORE PROFITS. How? By increasing targeting efficiency, conversion, sales, and even internal margins.
On AIKIT we recently developed a new platform to generate and access analytics and KPIs for our client. A control products manufacturer for the Diesel & Gas Engines industry. You can read more about this case here:
This increase in data access led to better decision making, and they were able to achieve tangible things such as a severe reduction in their go-to-market time, reduce economic losses and increase energy efficiency in their product line.
Data is not just data, is a straight pathway to take any business model to new realms of profit, and growth as well as getting a massive edge over its competition.